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MAINTENANCE COSTSThe expense of keeping a property in a good state of repair.

MAINTENANCE FEECharge to a unit holder in a condominium or cooperative complex for that person's share of costs of keeping the common-use portions of the complex in a good state of repair.

MAJORITY1) More than 50%. 2) The age of majority is the age in years at which a community considers a human being capable of handling his own affairs and legally liable for his actions.

MALLCommonly used to refer to the entire shopping complex but properly a reference to the pedestrian area of the mall that connects shopping areas.

MANAGEMENT AGREEMENTA contract between an owner of a property and a property management firm in which the firm accepts periodic payments for acting as supervisor of the affairs of the property. /MANAGEMENT FEE

MANAGEMENT PLANA written document in which the property manager sets out its goals and the approaches it will use to accomplish those goals in a given period of time for the property.

MANDATORY DELIVERY COMMITMENTA lender's written promise to deliver certain funds at specified dates upon terms set out in the commitment.

MANUFACTURED HOUSING"Known as ""pre-fab"" housing, any dwelling that is assembled out of components (i.e. walls, floors, roof) constructed off-site and then brought to the building lot."

MARGIN"The difference or the added amount. In mortgages, the difference between the index interest rate and the interest rate charged on the variable or adjustable rate mortgage. Expressed in the contract as a percentage (i.e. ""prime plus three per cent"")."

MARGINAL LANDLand whose value is limited. The cost of making it capable of producing income is generally very close to the income it would produce.

MARINA"A facility located on a body of water which provides docking, storage, maintenance and other facilities for boats."

MARKET PRICEThe consideration actually paid for an asset in an arm's-length transaction.

MARKET RENT"Also known as economic rent, the amount the owner could charge and obtain for the lease of a property in the current economic circumstances."

MARKET RENTAL RISK"The possibility that the market rent for a property will change due to changing market forces, making a long-term, fixed rent lease more or less desirable."

MARKET SEGMENTATIONAnalyzing sub-markets within a greater market.

MARKET STUDY"An analysis of the reaction of the market to influences such as location, demand, extra-market economic events, etc."

MARKET VALUEAn estimation of the price that could be obtained for a particular asset if it were sold in an arm's length transaction on the current market. The current value of real estate that a buyer is willing to pay and a seller is willing to accept.

MARKETABLE TITLE"Ownership of land that is without competing claims or other defects, such that it could be sold without complication."

MARKETING PLANA written description of how a salesperson intends to advertise a given property to obtain the best price within a reasonable time.

MASTER ASSOCIATION"An organization of homeowners in a large condominium or planned unit development (PUD) which includes representatives from other, smaller homeowner organizations."

MASTER LEASE"The dominant lease in a property, under which one or more sub-leases may exist."

MATERIAL BREACH"A contravention of the terms of a contract by one of the parties that is so large that it changes the very nature of the agreement between the parties and allows the innocent party to treat the contract as being at an end and pursue legal remedies (rescission, damages, specific performance) from the contravening party."

MATERIAL FACT"An important fact about one or more of the issues involved in the contract which, if known to all parties, may result in a different contract or no contract at all."

MATURITY DATEThe date upon which a mortgage loan comes due and payable.

MEAN HIGH TIDEThe level to which the water rose on an average day over a previous period of time (years or decades).

MEANDER LINESA vivid description of the measurement used in surveying to set out the boundary of a water course (i.e. a stream or river).

MECHANIC'S AND MATERIALMAN'S LIENS"A claim against property that arises as a statutory right of any person who supplies work or materials to a property and is not compensated for that work. See also ""construction lien""."

MEDIATION"A non-litigation method of dispute resolution. Unlike arbitration, this is not binding on the parties, and, should the parties choose, can be followed by either binding arbitration or litigation."

MEETING OF THE MINDS"In order for a contract to be enforceable, the parties to it must come to a common understanding of the terms of their agreement. If no such common understanding has occurred with regard to a material clause in the contract, the contract may be void able. This common understanding is referred to at common law as a ""meeting of the minds""."

MEGALOPOLIS"A spiffy new term for urban sprawl, situations where the expansion of several cities in a particular area has created one continuous city, even if the different parts retain their own name (Boston, New York, Philadelphia, etc.)."

MENACE"Coercion, pressure. A threatening act which is aimed at forcing a person to act against their wishes."

MERGERThe combining of two or more independent bodies into a single body.

MERIDIANS"Used in government survey method, lines which form the north-south portion of the grid."

METER"Also known as metre. The metric system's basic unit for linear measurement, equal to 39.37 inches. 1/10th of a meter is a decimeter; 1/100th is a centimeter; 1/100th is a millimeter."

METES AND BOUNDS"An older way of describing land in registered instruments. Starting at a recognizable point (the meeting of two roads, the corner of a lot), the description then describes the boundaries of the land by indicating distances and directions for each boundary (i.e. ""South 100 feet"" or ""South 73 degrees, five minutes west for a distance of 100 feet""), returning at the end of the description to the beginning point."

METROPOLITAN AREAThe land which is located in a city and in the surrounding areas which can be said to be still part of the economic or political sphere of the city.

MIDDLEMANA slang description for a person who acts to bring together the parties to a transaction.

MILITARY CLAUSEA term of a residential lease which allows a tenant who is a member of the military to terminate the lease upon being transferred to another place without suffering any penalty.

MILL"10 per cent of a penny. In many jurisdictions, property tax assessments are based on a mill rate."

MINERAL DEED"An instrument which transfers to the purchaser only an interest in the subsurface portion of the property, while retaining to the vendor the surface and air rights."

MINERAL LEASEA contract between the owner of a property and another party allowing the other party to explore and exploit any mineral deposits found on the property for a limited period of time in return for a periodic payment.

MINERAL RIGHTSThe legal interest in the valuable items found below the surface of a property.

MINIMUM DOWNPAYMENTThe least amount of money a purchaser can provide toward the purchase price of a house under a mortgage loan program.

MINIMUM LOT SIZEThe smallest size allowable for an independent parcel of property under a zoning by-law or ordinance provision.

MINIMUM PAYMENT"The lowest amount a borrower is allowed to pay toward a loan, line of credit or other debt in a given period of time."

MINIMUM PROPERTY STANDARDSThe bare essentials in the way of construction and lot location required by the Federal Housing Administration (FHA) before it will underwrite a mortgage on a residential property.

MINIMUM RENTThe lowest amount the landlord will accept under a lease contract with a variable rent.

MINIMUM-GUARANTEED PERCENTAGE LEASEA lease whereby the landlord is paid periodic rent as a percentage of the gross (or net) sales of the tenant of the premises but where the tenant agrees that the rental payments shall not drop below a specified amount.

MINORA person who is too young to be considered legally competent according to the laws of the jurisdiction.

MISNOMERAn error regarding a name.

MISREPRESENTATION"A statement of a fact that turns out to be false. May be innocent, negligent or fraudulent."

MISTAKE"An innocent error. If a mistake is made by all parties to a contract about a material fact, the contract may be void able."

MIXED-USE COMMERCIAL PROJECT"A development which is designed to mix two or more ""uses"" of land together (i.e. a shopping center which offers office space for dentists, etc.)"

MOBILE HOME"A dwelling that sits on wheels and may be moved, often under its own power."

MOBILE HOME PARKAn area specifically designed to allow for permanent or semi-permanent stationing of mobile homes.

MODEL HOMEA dwelling built first by a developer to allow potential purchasers to see what the finished product will look like once the other homes in the development are completed.

MODIFICATIONA change to the terms of a contract.

MODULAR HOUSING"See ""manufactured housing""."

MOLD"Fungal growth, caused by moisture. There are literally thousands of types, but a very few are highly toxic. Due to this, mold inspections are recommended if there has ever been a history of leaks or moisture in the home."

MONTHLY DEBT SERVICEThe periodic payments required to remain current on all outstanding loans.

MONTHLY TOTAL EXPENSESThe total when monthly housing expense is added to monthly debt service.

MONUMENT"Any kind of marker to indicate the boundary or corner of a parcel of land, used by surveyors."

MORATORIUMA temporary ban or halt to a specific activity.

MORE OR LESSA term used in metes and bounds descriptions and in Agreements between Vendors and Purchasers of land to indicate that the measurement given may not be exact.

MORTGAGEA loan which is secured against property (i.e. registered on title as a claim or encumbrance on the property). Often used to purchase the property itself.

MORTGAGE BACK"Also known as a ""vendor take-back mortgage"". Financing of a purchase of property whereby the vendor accepts only a portion of the purchase price up front and accepts a mortgage (with periodic payments and interest chargeable) for the remainder."

MORTGAGE BANKER"A firm that offers mortgages for property purchases but, at times, may require financial support from larger institutions to help cover the outlay of cash."

MORTGAGE BROKERA middleman who serves to bring borrowers together with lenders. Offers the service of doing the shopping for the borrower while often collecting a fee from the chosen lender rather than from the borrower.

MORTGAGE COMMITMENT"See ""commitment letter""."

MORTGAGE CORRESPONDENTAn authorized agent of a lender for a geographic area.

MORTGAGE DISABILITY INSURANCE"A policy of insurance which promises to pay periodic mortgage payments for the borrower during any future period that borrower may be disabled from working and, therefore, incapable of making the payments himself."

MORTGAGE INSURANCEA policy of insurance which promises to pay out the amount owing in the event that the borrower defaults.

MORTGAGE INTEREST DEDUCTIONA tax break for people who pay mortgage interest on their homes.

MORTGAGE LIFE INSURANCEA policy of insurance which promises to pay out the remaining balance owing on a mortgage should the borrower die. The amount payable by the insurer declines as the mortgage is paid down and the policy ends upon the paying out of the mortgage.

MORTGAGE LOAN SERVICING"The lender's actions in collecting mortgage payments, allocating payments to principal, interest and escrow accounts, paying out property taxes and insurance over the life of the loan."

MORTGAGE LOAN UNDERWRITINGThe action of reviewing an application for a loan and then advising the lender as to the risk factor in making the loan.

MORTGAGE PROGRAMThe bundle of features of a particular kind of mortgage offered to the public.

MORTGAGE VALUEThe estimate worth of a particular asset which is established for the purposes of obtaining financing secured against that asset.

MORTGAGEEThe lender in a mortgage transaction.

MORTGAGEE IN POSSESSIONA lender that has taken over control and occupancy of a property upon default of the borrower to collect income from the property and prepare for foreclosure and sale.

MORTGAGOR"The borrower, purchaser or homeowner in a mortgage transaction."

MOST PROBABLE SELLING PRICEAn estimation of the price a property is most likely to realize in a given market.

MULTI-DWELLING UNITSA property which may have one owner but offers a number of homes for separate people or families.

MULTIFAMILY HOUSING"Similar to multi-dwelling units, a building which features two or more family dwellings within the same structure. May require special zoning."

MULTIPLE DWELLINGAlso known as multi-dwelling unit.

MULTIPLE LISTING SERVICE (MLS)A service created and run by real estate professionals which gathers all of the property listings into a single place so that purchasers may review all available properties from one source. The MLS also deals with commission splitting and other relations between brokers and agents.

MUNICIPAL ADDRESS"The city, street and number on the street by which a property is known. Also known as ""mailing address"" but not the same as ""legal description""."

MUNICIPAL ORDINANCEA rule set down by a local government.

MUNICIPALITY"A generic name for any organized local government (a city, town, etc.)."

MUNIMENTS OF TITLEWritten documents which may be used to prove an owner's title to a property.

MUTUAL ASSENTA shared acceptance by two or more parties.

MUTUAL RESCISSIONThe act of ending a contract by obtaining the agreement of all parties to the contract to treat the contract as being at an end.